Market cap of India's top 5 companies down ₹1L crore
What's the story
The combined market capitalization of five out of India's top 10 most valued companies fell by a whopping ₹1 lakh crore last week. The decline was led by Tata Consultancy Services (TCS), which witnessed the biggest drop amid a bearish trend in domestic equities. The fall comes as the BSE benchmark Sensex fell by 489.92 points or 0.62%, and Nifty dipped by 204.65 points or 0.83%.
Market impact
TCS, Reliance, SBI among major losers
TCS's market capitalization took a massive hit of ₹34,263.28 crore, bringing its total to ₹8,53,506.85 crore.
Reliance Industries also witnessed a major decline in its valuation by ₹31,869.13 crore to ₹17,70,056.06 crore.
State Bank of India (SBI) was another major loser with its market cap falling by ₹25,891.88 crore to ₹9,85,829.96 crore during the same period under review.
Banking sector
Banking sector also took a hit
The banking sector was not spared either. HDFC Bank's market cap dipped by ₹7,165.37 crore to end at ₹11,20,802.10 crore, and ICICI Bank's diminished by ₹2,792.65 crore to ₹10,17,577.98 crore.
Market gains
LIC, Bharti Airtel bucked the trend
Despite the overall decline, some companies bucked the trend.
Life Insurance Corporation of India (LIC) saw its market cap jump by ₹26,438.49 crore to ₹5,23,330.31 crore.
Bharti Airtel also witnessed a major surge in its market cap by ₹20,592.13 crore to end at ₹12,43,016.11 crore during this period under review.